VIRGINIA RETIREMENT SYSTEMS ET Al Acquires New Position in Avnet, Inc. $AVT

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of Avnet, Inc. (NASDAQ:AVT) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 32,800 shares of the company’s stock, valued at approximately $1,741,000.

Other institutional investors have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Avnet during the 1st quarter valued at about $49,000. Maryland State Retirement & Pension System bought a new stake in shares of Avnet during the 2nd quarter valued at about $215,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Avnet by 109.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock valued at $28,000 after buying an additional 276 shares during the last quarter. Inspire Investing LLC bought a new stake in shares of Avnet during the 1st quarter valued at about $775,000. Finally, TD Private Client Wealth LLC grew its position in shares of Avnet by 43.0% during the 1st quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock valued at $39,000 after buying an additional 246 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Wall Street Analysts Forecast Growth

AVT has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Avnet from $50.00 to $54.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Weiss Ratings restated a “hold (c+)” rating on shares of Avnet in a research report on Wednesday, October 8th. Zacks Research upgraded shares of Avnet from a “strong sell” rating to a “hold” rating in a research report on Monday. Finally, Bank of America upped their target price on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus target price of $49.00.

Avnet Trading Down 1.8%

Shares of NASDAQ:AVT opened at $51.22 on Thursday. The company has a 50 day moving average of $52.91 and a 200-day moving average of $51.83. The firm has a market cap of $4.26 billion, a P/E ratio of 18.76, a P/E/G ratio of 0.39 and a beta of 1.06. Avnet, Inc. has a twelve month low of $39.22 and a twelve month high of $59.24. The company has a current ratio of 2.43, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.09. The company had revenue of $5.62 billion during the quarter, compared to analyst estimates of $5.36 billion. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business posted $1.22 EPS. As a group, analysts anticipate that Avnet, Inc. will post 3.41 earnings per share for the current fiscal year.

Avnet Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Wednesday, September 17th were paid a $0.35 dividend. The ex-dividend date of this dividend was Wednesday, September 17th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.7%. This is an increase from Avnet’s previous quarterly dividend of $0.33. Avnet’s dividend payout ratio (DPR) is currently 51.28%.

Avnet Company Profile

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.